US inflation accelerates as energy costs push up wholesale prices
September consumer prices rose 3.7% from a year earlier, up from August, while producer prices jumped 6.3% annually, the largest gain since 2022 and above forecasts.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
Inflation in the United States picked up in September, with annual consumer inflation reaching 3.7% after 3.4% in August, as higher energy prices spread into other parts of the economy. Wholesale prices then rose 6.3% over the year, their biggest gain since 2022 and well above the 5.5% economists had expected. Investors have shifted their views on a possible Federal Reserve rate hike, with the chance of one falling below 30%.
Why it matters
They also say businesses were hit harder by inflation last month than consumers were.
Timeline
- Oct 15, 3:52 AM ET: U.S. Treasury yields declined after the September inflation reading came in hotter than expected.
- Oct 15, 8:32 AM ET: September producer prices were reported to have risen 6.3% annually, the biggest gain since 2022.
- Oct 15, 9:49 AM ET: Odds of a Fed rate hike edged down, with chances now below 30%, almost four percentage points less than on Wednesday.
- Oct 15, 12:22 PM ET: Trump said tariffs 'cause wealth' while downplaying the negative economic impact of rising inflation.
- Oct 16, 4:13 AM ET: U.S. stock futures eased as hot core CPI data dented hopes for rate cuts, with investors adjusting to interest rates staying restrictive for longer.
Coverage
- Wholesale inflation hits levels not seen since 2022 (PBS)
- Will the Fed raise interest rates this month? A Kevin Warsh speech could offer clues (NBC News)
- Consumers are muscling through higher prices, but for how long? (adn.com)
- US consumers are muscling through higher prices, but for how long? (AP)
- Trump Says Tariffs ‘Cause Wealth’ While Downplaying Negative Economic Impact of Rising Inflation Numbers (Yahoo News)
- Consumer costs rose again in September, fueled by high energy prices (pennsylvaniaindependent.com)
- Businesses were hit even harder by inflation last month than consumers (NBC News)
- Yellen: One More Rate Hike Needed to Curb Inflation, Fading Supply Shocks to Do the Rest (kathleenhays.substack.com)
- U.S. Inflation Rebounds; Federal Reserve Faces Dilemma Over Oil-Driven Price Pressures (BigGo Finance)
- US consumer inflation hotter than expected as midterms loom (thejakartapost.com)
- Inflation Puts Federal Reserve in a Bind; December Rate Hike Could Reach 50 Basis Points (BigGo Finance)
- Rising prices, economic uncertainty continue to impact Salt Lake City businesses (fox13now.com)
- The economic crunch ahead of the elections crunch (NBC News)
- The Original Sin of Trump’s Presidency Is Coming Back to Bite Him (Ian Prasad Philbrick)
- Inflation rises as gas prices climb, putting economy front and center ahead of midterm elections (nbcmiami.com)
- Inflation Numbers Show Just How Badly Trump Wrecked the Economy (rollingstone.com)
- Hotter-Than-Expected CPI Signals Stubborn Inflation and Rising Costs (wwd.com)
- What to expect at the next Fed meeting now that rate-hike odds are rising (marketwatch.com)
- White House economic chief reveals why Americans aren't feeling optimistic about economy (foxbusiness.com)
- Dems call Trump 'a total failure' over inflation as White House cites economic growth (foxbusiness.com)
- Inflation uptick to 3.7% puts Fed rate decision under sharper focus before elections (katu.com)
- Hot inflation data pushes US stock futures lower
- Hotter US inflation data sends bitcoin toward $81,000
- Bitcoin and Ether funds see $391 million in outflows
- US inflation climbs to 3.7%, stocks slide and Fed hike fears grow
- Wholesale prices jump 6.3% annually in September
- US September inflation report comes in hot, pushing bitcoin lower
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